The Earned Income Tax Credit (EITC) is a refundable tax credit aimed at supporting workers with children. It reduces the amount of tax owed, and may even result in a refund.

Tax season isn’t just about paperwork and deadlines—it’s also a time to stay vigilant against potential scams. Each year, the IRS releases its Dirty Dozen list, highlighting the most common tax-related scams.

Recently it feels like changes to legislation are coming out of Washington every day, and here at Visibility CFO & Tax Advisors we have been eagerly watching for what impact new legislation will have on federal taxes. This week (on Tuesday, February 25th) the House of Representatives narrowly passed a budget resolution that proposes $4.5 trillion in tax cuts (alongside a $2 trillion reduction in federal spending over the next decade).

It has been a few minutes since there has been an update with the Beneficial Ownership Information (BOI) reporting legal battles and deadline on again and off again. A February 17, 2025 court decision lifted the nationwide injunction in Smith v. U.S. Department of the Treasury, meaning BOI reporting requirements are back in effect.

The 2024 Tax Season is underway. Proper planning can help you avoid last-minute stress and ensure you maximize deductions and credits. Are you ready to complete your 2024 tax filing? Below, we outline the key deadlines and essential documents needed to file your 2024 taxes efficiently.

As a real estate professional, you work hard to build wealth and maximize your investments. But are you leveraging the best tax strategies to keep more of your earnings? At Visibility CFO & Tax Advisors, we help real estate agents, investors, and brokers implement smart tax planning strategies that minimize liability and maximize savings.

Choosing the right business entity is an  important decision for any entrepreneur. It can influence everything from liability protection to taxation and growth potential. Many business owners start their journey informally, often as sole proprietors or default partnerships, but, as the business grows, seeking expert advice to establish a formal entity becomes essential to protect assets and optimize operations.

Managing taxes can be challenging as a sole proprietor! By taking advantage of available deductions and credits you can significantly lower your taxable income- but knowing if you qualify, planning ahead and keeping compliant records isn’t always top of mind with everything else you have to do while running a business.

When it comes to maximizing tax savings for your business, understanding and leveraging accelerated depreciation can be a game-changer. This tax strategy allows businesses to deduct the cost of certain assets quickly, offering opportunities to unlock financial freedom and invest more in growth.

For small business owners, finding ways to save on taxes while planning for the future is essential. One important strategy for business owners to know about is contributing to a retirement plan. Not only does this help secure your financial future, but it also offers significant tax advantages that can benefit your business today.

On December 27, 2024, FinCEN issued a critical update regarding the reporting requirements under the Corporate Transparency Act (CTA). Due to ongoing litigation, businesses are not currently required to submit beneficial ownership information, and no penalties will be imposed for non-compliance while this situation remains in effect. However, companies may still choose to submit beneficial ownership reports voluntarily.

A Fifth Circuit Court of Appeals ruling on Monday December 23rd has now lifted the December 3rd injunction against the Corporate Transparency Act (CTA) and its reporting requirements, reinstating the initial deadline for filing beneficial ownership information (BOI) reports. The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for most reporting companies to file BOI reports to January 13, 2025.

Large capital gains or significant losses to income in a year can dramatically alter your tax liability. These financial changes can affect tax brackets, eligibility for deductions and credits, and other critical aspects of your tax return. Here’s what you need to know to navigate the tax implications effectively.

As we approach the 2025 tax filing year it is important for taxpayers to be aware of upcoming changes.

One change we look for each year is inflation-adjusted tax brackets. The IRS has released information on its new inflation-adjusted tax brackets for 2025.  Inflation-adjusted tax brackets occur as the IRS adjusts various tax provisions in an effort to prevent "bracket creep" (when inflation pushes taxpayers into higher income tax brackets despite their purchasing power not having increased).

A significant legal development unfolded recently when the U.S. District Court for the Eastern District of Texas issued a nationwide injunction halting the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) Reporting Rule. This ruling effectively postpones the requirement for businesses to submit initial BOI reports by the previously established deadline of January 1, 2025.

Tis the season for giving- and we want to make sure you know that giving to charity is not only a meaningful way to support causes close to your heart but can also be a strategic method to reduce your tax liability. By understanding the rules and requirements, you can maximize your contributions' impact while securing valuable deductions- giving you the financial freedom to continue to invest in what you are passionate about!

One of the most impactful tax incentives for businesses is Section 179 of the Internal Revenue Code, commonly referred to as the "Section 179 Deduction." This powerful tax tool can help businesses to immediately write off the cost of certain assets in the year bought, reducing taxable income and freeing up capital for growth.

The popularity of private trust companies (PTCs) is on the rise, largely because they offer greater privacy, flexibility, and potential cost savings than alternatives such as family offices or corporate trustees.

Though the confidential nature of PTCs makes it challenging to pinpoint their exact numbers, estimates suggest that thousands operate across the United States, either independently or under the umbrella of bigger institutions

Tax credits are among the most valuable incentives available to taxpayers but are often overlooked. Unlike a deduction, which reduces the top line (i.e. taxable income) and only affects the taxpayers’ bottom line by a fraction of the deduction amount, a credit generally reduces the amount of cash required to cover your tax liability on a dollar-for-dollar basis.

You might be one of the millions who have filed or intend to file an Employee Retention Credit (ERC) claim, drawn in by the substantial tax relief this credit offers. However, while the ERC gained popularity quickly and countless firms emerged to help businesses navigate the process, the IRS is now scrutinizing these claims more carefully.